Education, Innovation and Growth
1. Stevens Institute of Technology, located in Hoboken, New Jersey, is one of the nation’s premier technology universities – a leading educator of undergraduate and graduate engineers, a leading center for research on issues of critical importance to New Jersey communities and a long-time source of technological innovation. At the same time, Stevens has long been a major contributor to the economic vitality of the City of Hoboken, Hudson County and the State of New Jersey, and since 2011 its impact has by several measures grown significantly. However, to maintain its role as a major contributor to the life of the city, the region and the state, Stevens will need to grow – to continue expanding its educational programs, its research enterprise, its role in the development of new businesses and its partnerships with local communities. To support this growth, the university will be investing more than $420 million over the next five years in the construction of new and renovation of existing facilities. This report assesses Stevens’ current economic impact, both locally and at the state level, the impact of its projected growth, and how that growth will benefit both the local community and the state. Stevens is a significant enterprise in its own right – one of Hoboken’s largest employers, a buyer of goods and services and a sponsor of campus construction projects. The university also attracts thousands of students who through their day-to-day spending off-campus, also contribute to the strength of the local economy. Moreover, the projected growth associated with the Stevens 10-year Strategic Plan (2012-2022) will ensure that the benefits Hoboken derives from university and student spending will continue to grow as well.
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